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How can a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?
Many companies use the computer to generate purchase orders. Who is responsible for authorizing a purchase when the computer generates the purchase order? What controls need to be implemented in the automated matching process to ensure that only authorized payments are made for goods and services actually received, and that payments are made at the authorized prices?
Why does the auditor examine travel and entertainment expenses? What would poor controls regarding executive reimbursements say about the "tone at the top" for purposes of evaluating and reporting on internal control? How might the auditor effectively use analytical procedures in the audit of various expense accounts, such as miscellaneous expenses? Give an example of how analytical procedures might be used in the audit of such accounts.
Describe how the separation of authorization of production transactions, recording of these transactions, and physical custody of inventories can be specified among the production, inventory, and cost accounting departments.
What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
Course: AP/ADMS 4551 Auditing: and Other Assurance Services, What is the auditor's responsibility for discovering this type of embezzlement.
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
What are some limitations of the internal controls of the business cycles at your organization? How would you address these limitations?
Identify four types of control mechanisms (ways controls are applied) used in Wal-Mart organization. Compare and contrast these control mechanisms. Determine the effectiveness of these control mechanisms.
Discuss how can an organization best use its internal complaint process to forego the need for external resolution? When might a professional moderation be useful? Provide an example.
Summarize the primary purposes of an internal control system. What are the three internal control objectives for financial reporting?
Evaluate the amount of allowable loss deduction each shareholder would be able to recognize on their individual 2002 tax returns.
Internal control is a process effected by an entity's board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives.
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations. Do you agree? Explain.
A significant component of an audit program is the examination of the organization's internal control procedures and if they are being followed.
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